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January 3, 2017

German institution predicts possible Italy exit

A German research institution says Italians will seek to quit the euro currency if their standard of living does not improve.

Ifo chief Clemens Fuest says the standard of living in Italy has remained the same since 2000 and if the situation is not changed, Italians will choose to leave the eurozone. Italy is eurozone's third-largest economy, but its stock market has been the worst performer in Europe last year.

Italy is hit with financial problems in its banking system. The country has recently approved a bailout plan to help the struggling banks.